Deutsche Bank AG's head of corporate finance coverage in Japan, Koichiro Yasuda, resigned as the German bank cut about 20 jobs in Tokyo, two sources said.
Deutsche Bank, based in Frankfurt, on Tuesday told investment banking staff in Tokyo, including at least three managing directors, that their positions were being eliminated, said the sources, who declined to be identified as the matter is confidential. The global banking team in Japan employed about 70 people before the reductions, the sources said.
Germany's biggest lender is reducing costs globally as earnings prospects worsen and Europe's debt crisis intensifies. The firm plans to reduce its head count by around 500 positions at its corporate banking and securities unit, primarily outside Germany, by March 31, the bank said Oct. 4.
"The contagion from Europe is spreading to Japan and the rest of Asia," said Katsunobu Komizo, chief executive officer at recruitment firm Executive Search Partners Co. in Tokyo. "More job cuts are likely as Asia's economy may be hurt when European banks stop lending and sell noncore business units."